08 Risk Management
IDENTIFY AND MANAGE RISK EARLY
Identifying, assessing and monitoring project risks, clarifying ownership and contractual allocation, and developing mitigation measures to protect project objectives, cost, program and delivery outcomes.
KEY INPUTS
Project objectives, scope and delivery strategy.
Design development and technical information.
Cost plans, budgets and programme baselines.
Procurement strategy and contractual arrangements.
Site, environmental and statutory conditions.
Stakeholder, operational and construction requirements.
MANAGEMENT AND RESPONSIBILITIES
Owner / Investor: establishes risk appetite and retains decisions on significant investment exposure.
Independent Project Director: challenges assumptions, reviews risk ownership and identifies cross-disciplinary and commercial exposure.
Project Manager: coordinates risk identification, registers, mitigation actions and reporting.
Cost Consultants: assess financial exposure, contingency and cost consequences. Architects and Engineers: identify design, technical, compliance and coordination risks.
Builders: identify construction, procurement, logistics, resource and site execution risks.
Specialist Consultants: assess discipline-specific risks within their appointments.
KEY OUTPUTS
Project risk management approach.
Risk register and responsibility allocation.
Risk assessments and exposure reporting.
Mitigation and contingency measures.
Commercial and programme risk assessments.
Escalation and monitoring actions.